Smart Contracts used in Insurance
Insurance has always been one of the most important use-cases of smart contracts as most of the disputes happen in the insurance sector. For example, let’s take auto insurance as an example. To do so, smart contracts need to utilize a lot of technology, including IOT to facilitate themselves. The smart contract will facilitate the policy and make sure that it has all the proper documentation, including driver reports and driving records, with the use of the technology. If the smart contract is set up with the right policy, documents, and ways to capture data, it can execute itself shortly after the accident. Also, smart contract execution is only done based on the collected data, which ensures that no fraud is done in the process.